Noble Environmental Power files preliminary prospectus for $375M IPO

Mass High Tech reported May 9 that Noble Environmental Power has filed papers with the U.S. Securities and Exchange Commission for in initial public offering (IPO), in which it seeks to raise some $375 million.

In its 150+ page preliminary prospectus, filed May 8, 2008, Noble states that it was

founded in August 2004 and commenced operations of our first windparks in March 2008. We have grown into a fully integrated wind energy company with 152 employees, with the capability to develop, finance, construct, own and operate our windparks. We will utilize our understanding of the commodity markets to site our windparks in attractive regions and to monetize the output of our projects effectively.

In addition to our current capacity of 282 MW, we have begun construction of additional windparks in New York and Texas that we expect will provide an additional 465 MW of capacity in 2008. We plan to grow our capacity significantly over the next several years. By the end of 2012, we expect to have approximately 3,850 MW of capacity as we further expand into attractive wind energy markets in Maine, Michigan, Minnesota, New Hampshire, Vermont and Wyoming. In addition, we continuously identify and evaluate new windparks as part of our core business strategy. Windpark project development has been and will continue to be one of our core strengths and areas of focus. Based on our historical success in identifying new windpark projects, we expect that these project development efforts will result in an additional 4,000 MW development pipeline of windparks, which could be constructed after 2012.

No date for the IPO has been set. Principal underwriters are Lehman Brothers, J.P. Morgan and Credit Suisse. Noble’s principal stockholders and sponsors are JPMP Wind Energy (Noble), LLC, an investment fund affiliated with J.P. Morgan Partners, LLC, or JPMP, which is advised by CCMP Capital Advisors, LLC, or CCMP Capital, and CPP Investment Board (USRE II) Inc., an investment fund affiliated with the CPP Investment Board, or CPPIB.

In its filing (p.98 et seq.), Noble indicates that it currently has three windparks in operation in New York, with a total generating capacity of 282 MW. These are:

  • Bliss Windpark, located in the rolling hills of western New York within Wyoming County. It’s a 100.5 MW project consisting of 67 GE 1.5 MW sle turbines.
  • Clinton Windpark, located in the level highland farmland of northern New York within Clinton County. 100.5 MW/ 67 turbines.
  • Ellenburg Windpark, located in the level highland farmland of northern New York within Clinton County. (81 MW/ 54 turbines).

Noble indicates it has begun construction of three additional windparks in New York and will soon begin construction of a fourth:

  • Altona Windpark is located in the level highland farmland of northern New York. (97.5 MW / 65 turbines).
  • Chateaugay Windpark, located adjacent to the Clinton Windpark. (106.5 MW/ 71 turbines).
  • Wethersfield Windpark is located adjacent to the Bliss Windpark. (126 MW/ 84 turbines).
  • Bellmont Windpark, to be located adjacent to the Chateaugay windpark. (21.0 MW / 14 turbines).

In 2009, Noble reports that it plans to construct three additional windparks in New York:

  • Ball Hill/Villenova Windpark to be located in the hills of western New York within Chautauqua County (100.5 MW/ 67 turbines).
  • Centerville/Rushford Windpark to be located in the hills of western New York, within Allegany County (100.5 MW/ 67 turbines).
  • Chateaugay II Windpark, contiguous to the Noble Chateaugay Windpark (19.5 MW/ 13 GE 1.5 MW sle turbines).

In 2010, Noble plans to construct two additional windparks in New York:

  • Burke Windpark, to be adjacent to the Chateaugay and Bellmont Windparks. (60 MW / 40 turbines).
  • Farmersville Windpark, to be located in the rolling hills of western New York within Cattaraugus County. (100.5 MW/ 67 turbines).

Finally, Noble indicates that it has identified an estimated 175 MW of additional windparks in New York at which it plans to commence operations in 2011 and 2012.

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